COMMERCIAL Tolley’s overseas links "important"

Press, Volume CXII, Issue 33049, 17 October 1972, Page 20

COMMERCIAL Tolley’s overseas links "important"

(New Zealand Press Association. l WELLINGTON, October 16. The importance of overseas associations was discussed by the managing director of Tolley Holdings, Ltd (Mr B. H. Tolley), at the annual meeting of the cable and electrical plant manufacturing ad merchandising firm.

"We are in the international circuit. New Zealanders have to be up to world standards. We cannot isolate ourselves from the world,” he said. The links with Canada Wire and Cable (International), Ltd, were important, both Mr Tolley and the chairman (Mr F. L. Parkin) said. Mr Tolley said that thecompany was very healthy and it could not do other than progress, although there would inevitably be difficulties to surmount. Mr Panda said that the profit for the first five months of the current financial year was in line with the budget. Referring to the 5 per cent tax-free ordinary dividend, the first payment since 1967, Mr Parkin said that the direcors had made their recommendaion in full awareness of the need for a consistent dividend policy. Among the pleasing changes in the balance-sheet was the increase in net asset backing of the 100 c ordinary shares to 128 c Mr Parkin said. By conventional standards the ratio of shareholders’ funds to total liabilities was still unsatisfactory, Mr Parkin said. Term finance would have to be sought during the development years ahead, he said. Referring to the slight drop in operating profit, Mr Parkin said that this was because higher payroll tax and finance expenses as well as the increased provision for depreciation. The 30 per cent interest in Tolley Industries, Ltd, the ■MIBHHnaMBHMMMH

operating comjiany, had been acquired (by Tolley Holdings, Ltd, sirfce the balance date, and the requisite shares had been issued and taken up by Carsalda Wire and Cable.